Res. No. 566
Title
Resolution calling on the state legislature to pass and the Governor to sign, A.10935-A and S.8844-A, which would amend the education law to automatically enroll "optional employees" in the New York City Board of Education Retirement System (BERS) after 90 days of employment unless the employee affirmatively opts in or out of the program in advance.
Body
By Council Members Miller, Dromm, Rosenthal, Gibson, Kallos, Levin, Williams and Ulrich
Whereas, Public-sector employees comprise a significant portion of New York City's workforce; and
Whereas, According to a report from the Department of Citywide Administrative Services (DCAS), the City of New York employs approximately 363,000 people, or 8.2 percent of the city's total workforce, as estimated by the Bureau of Labor Statistics; and
Whereas, DCAS also found that roughly 37,000, or 10 percent of city government employees, are part-time or temporary employees, and that 29 percent of all City employees, or roughly 105,000 people, are eligible to retire within the next five years; and
Whereas, Currently, part-time and temporary employees, as well as those who are not required to take civil service exams, are allowed optional enrollment in the Board of Education Retirement System (BERS), which, according to the office of the Comptroller, holds over $4 billion in assets; and
Whereas, Part-time City employees have been eligible for pension benefits since 1988, when the State Court of Appeals ruled in their favor in a 7-0 decision; and
Whereas, Pension enrollment is optional; and
Whereas, According to the Chief Actuary for the New York City Retirement Systems and Pension Funds, only 73 percent of eligible employees join BERS; and
Whereas, Furthermore, the Chief Actuary has reported that 64 percent of those who have not elected to ...
Click here for full text